Mortgage Redemption NRAM / Landmark

DFW240980

Hi

Just sold my house perfect scenario cash buyer itching to move in appointed a solicitor through purple bricks who sold my property. They requested a redemption figure I got a letter stating they cannot deal with my solicitor because they are not on their approved panel of solicitors and I should appoint a solicitor that is.

Contracts are already drawn up and sent to the buyers solicitors and this is now holding me up.
Seems ridiculous given they've been sending letters encouraging me to re-mortgage or pay of my mortgage for last few years.

Has anyone else had a similar experience or advice on this?

thanks

Thrugelmir

Solicitor represents the lender as well as yourself. This is standard practice. You'll need to choose a solicitor from the lenders panel.

G_M

Or ask your solicitor to apply to be on NRAM's panel. Could delay things by several weeks.

I'm surprised you got this far without your solicitor asking who your mortgage lender is and pointing out he's not on their panel....... He should know!

DFW240980

And whats worse I rang NRAM after I put my house on the market and asked them if theirs anything in particular I need to do, they mentioned nothing about approved panel of solicitors.

I told my solicitor from the outset and even wrote them a letter on what I wanted them to do with the proceeds from the house sale.

I haven't spoken to either NRAM or my solicitor yet I'm hoping theirs a sensible solution to this.

thanks

G_M

Hopefully THERE'S a sensible solution they can come up with, but I suspect it is one of the 2 options mentioned above.

If THERE'S a 3rd option, I can't imagine what it could be.

When you "told my solicitor from the outset and even wrote them a letter on what I wanted them to do with the proceeds from the house sale." did you actually inform him the lender was NRAM?

DFW240980

THANK YOU FOR POINTING OUT MY GRAMMATICAL ERRORS! Hopefully your advice is a good as your grammar :-)

I did inform my solicitor that my lender is NRAM and that is stated in the letter, not having bought or sold a house for over 10 years it didn't occur to me to be honest.

I'll report back my findings tomorrow after speaking to both the lender and solicitor.

THANKS!

G_M

DFW240980 wrote: »

I did inform my solicitor that my lender is NRAM and that is stated in the letter,

then your solicitor is at fault for not warning you he's not on the panel and advising you of the problem.

DFW240980

For those of you who are interested. I spoke to Landmark Mortgages this morning there is a 3rd option which is fairly painless:-

1. Forward the redemption Statement to my Solicitor
2. There is no requirement for a Solicitor to be on an approved panel to redeem a mortgage, so my solicitor can process the payment for me
3. The deeds will be sent me which I then forward to the new owner as they are paying cash.

Having a solicitor on the approved panel would make life easier but it’s not the end of the world, it just means that the correspondence has to come via me rather than direct to the solicitor in the case of Landmark Mortgages formally known as NRAM.